The vaccines market is expected to reach USD 50.42 billion by 2023 from USD 36.45 billion in 2018, at a CAGR of 6.7%.
The major factors driving the growth of the market are rising prevalence of diseases, increasing government and nongovernment funding for vaccine development, and increasing company initiative to enhance vaccine R&D.
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Based on technology, the market is segmented into conjugate vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, and toxoid vaccines. The conjugate vaccines segment is expected to register the highest CAGR during the forecast period. The high growth is attributed to the rising prevalence of infectious diseases and the increasing government investments for development of conjugate vaccines.
Based on type, the vaccine market is segmented into monovalent vaccines and multivalent vaccines. The monovalent vaccines segment is projected to register the highest CAGR during the forecast period. The increasing investment by companies to develop new monovalent vaccines is the key factor driving the growth of this segment.
Based on disease indication, the vaccines market is segmented into pneumococcal disease, influenza, DTP, hepatitis, human papillomavirus (HPV), rotavirus, meningococcal disease, MMR (measles, mumps, and rubella), varicella, polio, herpes zoster, dengue, and other disease indications. The meningococcal disease segment is expected to witness the highest growth during the forecast period. This is attributed to the high incidence of meningococcal diseases and increasing government investments in meningococcal vaccination programs.
Based on route of administration, the vaccines market is segmented into intramuscular and subcutaneous administration, oral administration, and other routes of administration. The intramuscular and subcutaneous administration segment is expected to register the highest rate during the forecast period. This mode of administration is associated with better immune response and a lower rate of injection site reactions.
Based on patient type, the vaccines market is segmented into pediatrics and adults. The adult segment is expected to witness the highest rate during the forecast period. The growth of this end-user segment for vaccines is likely to be driven by factors such as increasing research activities for the development of new adult vaccines and government initiatives for immunization.
Among the four regional segments covered in the vaccines market—North America, Europe, Asia, and the Rest of the World (RoW), Asia is expected to register the highest CAGR during the forecast period. The increasing investments by companies in India and China are supporting the growth of the vaccines market in Asia.
To ensure sustainability and growth in this highly competitive market, several established players focus on acquiring small players to strengthen their product offerings and expand their footprints across different geographies.
